ROBERT N. WELSH, JR., CMA, CDP

Robert N. Welsh Jr. is the Founder and President of Welsh Group, LLC. Mr. Welsh is a Certified Depreciation Professional (CDP) and a Certified Management Accountant (CMA). After a successful career at Verizon Communications, Mr. Welsh retired in 2003. At Verizon, he was responsible for developing depreciation policy and managing the Capital Recovery process for over 40 operating telephone and service companies. These companies ranged from under $200 Million in assets to over $25 Billion in assets. In total, Mr. Welsh managed over $143 Billion in investment and a depreciation expense budget of $9 Billion. Over the years, he has prepared over 30 depreciation studies for the Federal Communications Commission and various state commissions ranging from New York State to Delaware . He was also deeply involved in the asset retirement process of the company and won the Company's Spirit of Excellence Award for his work on retirements in 2003. Mr. Welsh has been very active in accounting issues impacting long-lives assets. In 2002 he coordinated an industry response to the PP&E SOP and in 2003 he served as the Chair of an ad hoc industry group on the implementation of FAS 143.

After serving as a Lieutenant in the U.S. Air Force, Mr. Welsh began his career in telecommunications at Bell of Pennsylvania. Over the years, he has held various positions in the Network, Regulatory, Services Costs, Marketing, Corporate Strategy, Information Systems and Corporate Finance organizations. His first exposure to Capital Recovery issues were in 1981 when he participated in filing with the FCC the first ELG and Remaining Life depreciation study for Bell of Pennsylvania and Diamond State Telephone Company. In this study, Mr. Welsh prepared the first Life Cycle analysis filed with the FCC in the electronic switch account. In 1991, he returned to Capital Recovery after several years at Corporate and in Bell Atlantic's non-regulated subsidiaries. In 1994, Mr. Welsh led the team that determined the $3.4 Billion impairment from the abandonment of FAS 71. In 1997, he merged the Bell Atlantic and NYNEX Capital Recovery operations. In 2003, he implemented FAS 143 for Verizon Telecom which resulted in a $3.4 Billion reserve adjustment and a decreased in depreciation expense over $240 Million. He also spearheaded the rewrite of the depreciation software used by the company which expanded functionality and enabled the organization to reduce its headcount over 70%.

Filed Depreciation Studies with Federal Communications Commission and State Commissions in the following States

New York Massachusetts

Maine New Jersey

Pennsylvania Delaware

West Virginia Virginia

Washington D.C.

Projects since Founding Welsh Group, LLC

Providing ongoing asset accounting and depreciation services to Puerto Rico Telephone Company. Completed a 2004 Depreciation Study which updated depreciation rates as July 1, 2004 .

Filed comments on depreciation related issues in FCC Docket 03-173, Review of the Commission's Rules Regarding the Pricing of Unbundled Network Elements and the Resale of Service by Incumbent Local Exchange Carriers.

Will be an Instructor at the Society of Depreciation Professionals annual meeting in September 2004. Topic of instruction: Depreciation Methods and Models.

Education

Masters of Science in Information Systems (1995) George Washington University , Washington , D.C.

Masters of Business Administration, (Finance) Michigan State University , East Lansing , MI .

Completed Accounting Major, Moravian College , Bethlehem , PA.

Bachelor of Science. (Management) Pennsylvania State University , University Park , PA.

Professional Memberships

Society of Depreciation Professionals

Institute of Management Accountants

Former Chair of the Advisory Board for the Telecommunication Technology Forecasting Group (TTFG).

Presentations and Quotes

Presentation on “Post-Implementation of SFAS 143 and related issues in the Telecommunications Industry” at the Society of Depreciation Professionals Annual Meeting in Jackson Hole , Wyoming , September 2003.

Presentation on “Implementation of SFAS 143 in the Telecommunications Industry” at the Society of Depreciation Professionals Annual Meeting in New Orleans, Louisiana , September 2002.

Moderated the Telecommunications Industry Issues session at the Society of Depreciation Professionals Annual Meeting in Tucson , Arizona , September 2001.

Quoted on the useful life of succeeding generations of telecommunications equipment in a Tele.com article “A Depreciation Experience, carriers argue that regulators need to rethink accounting procedures”, December 13, 1999.

Quoted on technology forecasting in the Wall Street Journal, Special Section on Telecommunications, September 21, 1998.